The selloff in bonds is driving Treasury yields to ever more eye-catching milestones, with the 30-year bond yield reaching a new 24-year high and the 10-year yield also nearing its highest level since 2002.

The bid yield on the 30-year U.S. Treasury bond hit 5.613% in recent trading, its highest intraday level since June 11, 2002, according to Tradeweb.

The 10-year yield, a critical benchmark for borrowing costs across the economy, reached 5.289%, nearing its 2007 highpoint of 5.303%. If the yield climbs above that level, it would be the highest since May 2002 when yields were still in the midst of a long decline from their double-digit heights in the 1980s.

Though oil prices have ticked slightly lower today, many bond investors are more concerned by how long they might stay at elevated levels rather than exactly how high they climb. Their worry is that high energy prices will eventally feed more broadly into inflation, putting more pressure on the Federal Reserve to keep raising interest rates.